Auction activity is expected to remain relatively subdued this week with 1,155 homes scheduled for auction across the combined capital cities, similar to the 1,178 auctions held last week, although lower than this time last year when 1,748 homes were taken to auction.
Looking at the individual capital cities, auction volumes are similar week-on-week with Melbourne and Tasmania set to see an increase in the number of homes taken to auction while Canberra is expecting no change in auction volumes.
Melbourne is set to be the busiest auction market this week, with a total of 569 homes scheduled for auction, similar to last week when 559 auctions were held across the city but lower than 12 months ago when 833 homes went under the hammer in Melbourne.
In Sydney, 386 homes are currently scheduled for auction this week, down from 408 last week and lower than the same week last year when 625 auctions were held across the city.
The busiest suburbs for auctions this week are all in Melbourne. Topping the list with 16 scheduled auctions is Reservoir, followed by Bentleigh East with 13 and Glenroy with 11, while Craigieburn and Mount Waverley will host 10 auctions each this week.
Summary of last week's results
Last week saw 1,178 homes taken to auction across the combined capital cities, returning a clearance rate of 52.0 per cent after the previous week recorded a clearance rate of 52.6 per cent across 1,411 auctions. Over the same week last year, 1,627 homes were taken to auction and the clearance rate was a stronger 69.4 per cent.
Melbourne’s final clearance rate came in at 56.2 per cent across 559 auctions last week, similar to the previous week when 631 auctions were held and a clearance rate of 56.1 per cent was recorded. This time last year auction volumes were higher across the city with 756 homes going under the hammer returning a clearance rate of 74.9 per cent.
Sydney’s final clearance rate dropped to 46.9 per cent last week across 408 auctions, the lowest clearance rate the city has seen since December 2012. In comparison, 552 auctions were held across Sydney over the previous week returning a clearance rate of 50.1 per cent while this time last year, 609 homes went under the hammer, returning a clearance rate of 69.2 per cent.
Across the smaller auction markets, clearance rates improved everywhere except Brisbane. In terms of volumes, Adelaide was the only city to see an increase with an additional 8 homes taken to auction over the week.
Of the non-capital city markets, the Hunter region recorded a 70.6 per cent final auction clearance rate across 17 results, followed closely by Geelong where 70.4 per cent of the 27 auction results were successful.